On May 14, 2024, we first highlighted SoundHound AI (SOUN) as a buy opportunity as it traded at about $5.40. Today, it’s up to $15.60 and is still a solid buy opportunity thanks to the explosive growth of artificial intelligence.

In fact, according to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030. Even heavyweight companies like Microsoft and Amazon say they can’t keep up with demand. 

Meta Platforms is boosting its capital expenditures for 2025, aiming for about $60 billion to $65 billion. Most of that will be directed towards enhancing its AI capabilities. Microsoft announced a $3.3 billion investment to build an AI hub. We’ll also see more demand for AI from The Stargate Project, which plans to invest up to $500 billion in AI infrastructure by 2029. 

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With regards to SOUN, analysts at Wedbush just reiterated an outperform rating on the SOUN stock with a price target of $22. 

The firm added, “As the company has focused on retaining a strong balance sheet to fuel its growth initiatives, SOUN has recently turned to an aggressive but accretive M&A strategy with three acquisitions over the past 18 months (Amelia, SYNQ3, Allset) to expand its reach to more opportunities for voice AI solutions,” as quoted by Seeking Alpha.

SOUN also announced a new deal with Torchy’s Tacos today, which are rolling out SoundHound’s voice AI Smart Ordering product at its 130 restaurant locations.

Sincerely,

Ian Cooper